then reserves pile up in the banks that don't fail; and in a functioning banking system faced with an irrational run, those banks can just lend the reserves back to the banks that are run upon. (Kaufman's short description piece here has been important in my understanding of banking: https://www.econlib.org/library/Enc/BankRuns.html)

I also think the word "fail" here is confusing. And from archival work, I can personally attend to those sorts of reserve ratios... though there were usually a bunch of liquid assets plus, importantly, other banks' notes, including Bank of England notes, such that it was not the case that demands for return of deposits or redemption of notes of a quantity >2% of balance sheet = crisis

These bits, Selgin is usually spot-on about... it's usually the sour BDS sentiments where he messes up